Commerzbank
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Ten year Pfandbrief €500m deals issued this week by NordLB and Bawag were narrowly oversubscribed even with the support of the Eurosystem.
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Auckland Council on Thursday pulled off a 7bp tightening for its first ever public deal in euros. The trade was joined in the market by paper from the City of Hamburg and Bpifrance Financement. -
Gas Natural Fenosa, the Spanish energy firm, kept the long end alive on Wednesday as it issued a €1bn 10 year bond that won over two times oversubscription.
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Bank Negara Indonesia has hit the market for a $750m borrowing via nine mandated lead arrangers and bookrunners, launching its biggest international syndicated loan.
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HeidelbergCement hit the Eurobond market on Monday with a benchmark four year transaction, winning large demand and a negative concession as it tapped investors’ sweet spot on tenor.
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Commerzbank walked away with €500m of tier two capital on Monday, though the German lender was unable to build a large book amid a bout of deal fatigue in the euro market.
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Covered bond issuers from Europe’s core accessed the market across a range of intermediate tenors this week with LBBW, Compagnie de Financement Foncier (CFF) and Helaba issuing some of their largest deals in years.
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Coventry Building Society received a strong reception for the first euro-denominated covered bond from a UK issuer since the UK Brexit referendum. Despite cheaper funding alternatives, the deal demonstrated Coventry’s strategic commitment to the euro market.
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Four covered bonds issuers raised almost €6bn between them at the long end of the curve this week, suggesting borrowers are prioritising tougher, longer duration deals. And while conditions permit some are issuing in the largest size possible.
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Coventry Building Society received a strong reception for the first euro-denominated covered bond from a UK issuer since the UK referendum to leave the European Union. Despite cheaper funding alternatives, the deal demonstrated Coventry’s strategic commitment to the euro market.
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Syndication of the acquisition financing loans for Lonza and Sibanye Gold is expected to begin soon, as loans bankers begin 2017 in an optimistic mood.
